The Income Statement, Comprehensive Income, and the Statement of Cash Flows

A statement of comprehensive income is not required

When net income and comprehensive income are identical for all years presented in a company's income statement, which of the following is true?

Issuance of common stock to investors Borrowing from bank

Which of the following are cash inflows from financing activities?

Payment of dividends Repayment of note payable

Which of the following are cash outflows from financing activities?

The income effects of the discontinued component must be separately reported in the quarterly income statement.

Which of the following is true regarding interim reporting requirements for discontinued operation?

Income Loss

______ from discontinued operations will result in additional income tax expense; _____ from discontinued operations will result in a tax benefit.

The identity of the component The reason for the discontinuance The major classes of assets and liabilities of the component

Which of the following information must be included in the notes to the financial statements regarding discontinued operations?

expense benefit

A gain from discontinued operations will result in an income tax _____, whereas a loss from discontinued operations will result in an income tax _______.

The lower of the book value or fair value less cost to sell.

At what amount are the liabilities of a discontinued operation held for sale reported in the balance sheet?

outflow inflow

For financing activities, a cash ____ occurs when a company purchases its own securities as tresury stock; a cash ___ occurs when a company issues stock for cash to investors.

Operating

Inflows and outflows of cash related to the transactions used to determine net operating income are what type of activities?

$13 million = (10 + (15 - 12))

Roger Corporation reports accumulated other comprehensive income of $10 million at 12/31/16. For the year ended 12/31/17, the company reports net income of $12 million and total comprehensive income of :15 million. On 12/31/17, Roger Corporation should report accumulated other comprehensive income of:

False Net cash flows from investing activities is the cash inflow minus the cash outflows.

True or false: Net cash flows from investing activities represents the total inflows plus the total outflows of cash

Dividends Interest

Two items that are treated differently on the statement of cash flows for U.S. GAAP and IFRS are